I just got this in my mail from ikobo:
NOTICE OF TERMINATION OF MERCHANT SERVICES
Please be advised that effective immediately iKobo, Inc.is ceasing to provide processing for merchant services in order to comply with a direct request from VISA International under their processing regulations.
This request from VISA has no impact on our person-to-person money transfer product.
Your merchant account has been changed to not allow for new sales and your current funds will be available to you under the existing terms using your iKard. Please update your web site to remove iKobo as a payment provider.
We apologize for the timing of this action.
So much for ikobo, everyone was thinking highly of them. I don’t know why Visa did that. But I’m frustrated that ever now and then, a merchant account shuts down. I had similar experience with Paysystems.com who suddenly closed all merchant accounts, and didnt even released people’s revenues yet, and its been over a year now…!
How can we trust online payments any more?